Piraeus Bank on Friday announced that its board approved the sale of its subsidiary Olympic Commercial and Tourist Enterprises SA -the master franchisee of Avis Rent a Car, Bugdet Rent a Car and Payless for Greece- to a consortium comprising of Olympia Group SA and Virtus International Partners LP.
The deal needs approval by market authorities and the consensus of Hellenic Financial Stability Fund.
Piraeus Bank said the sale has been agreed at 80.6 million euros, representing a company value of 318.1 million euros for Olympic, and will be paid in cash. The bank said the transaction is another step towards implementing its commitments in the framework of a Restructuring Plan agreed with the European Commission and will have no capital impact on the bank.
Olympic Group is a business group including Public, Sunlight and Westnet, Softone and Metis, along with Play (a mobile telephony operator listed in the Polish Stock Exchange), Aasa (a consumer loans company in Central Europe) and Tollerton Investments in Cyprus.
Virtus International Partners LP is the operator of VirtusSouth European Fund, seeking investment opportunities in Greece.
Citigroup Global Markets Ltd acted as exclusive financial advisor to the deal.